Today is the last day of business for 92 tenants at the Yatu Lau Arcade in downtown Suva as it prepares to undergo an $8million facelift from next month.
From close of business today, tenants – some of whom have operated at the location for more than a decade – will start packing and are expected to clear the premises before April 1 when redevelopment constructions begin.
Yatu Lau Company Ltd CEO Ana Delailomaloma said tenants were notified of the plan from last year, followed by reminders every quarter.
“For the past few months, we have been visiting them almost every day just to keep reminding them that it is pack-up time,” Ms Delailomaloma said.
Yatu Lau Company Limited deputy chairperson Ratu Meli Saubulinayau said: “We are working closely with local architects and engineers like Larson Holton Maybin, Engineering Design, Irwin Alsop Pacific, and Project Consultant MMF to ensure every aspect of the project is thoroughly executed and in line with the community’s needs and expectations.”
Chairman Properties Aisake Taito said the redevelopment project will be fully funded via a loan from Bank of South Pacific Ltd (BSP).
He said they expected a 40-50 per cent increase in revenue, citing the modern facilities and outlets that will feature post-redevelopment.
Ms Delailomaloma said the number of tenants would also “change” with announcements to be made later.
She said they would ensure there was a good mix of retail businesses and services at the new mall with the plan to have it as a one-stop-shop for members of the public.
An escalator and a lift will be part of the plan for people living with disability.
While there are interests from the private sector, existing ‘good’ tenants will be given the first chance to return after the project is completed in 60 weeks.
“One of the things we are mindful of is that majority of our existing tenants are SMEs so we will have a space for them,” Mr Taito said.
Ratu Meli said the redevelopment would include modernising the facilities, enhancing retail, dining and other services option, and creating a vibrant and welcoming atmosphere for both residents and tourists.
“We understand the importance of this redevelopment not just as a business opportunity but as a way to invest in the future of our community,” he said.
